Sharechat Logo

NZ consumer confidence ticks up in August as kiwis remain upbeat

Thursday 15th August 2013

Text too small?

New Zealand consumer confidence increased this month from its already elevated level as people remain optimistic about the state of the economy.

The ANZ-Roy Morgan consumer confidence index increased to 123 in August from 119.8 last month, retracing a dip in July. The current conditions index improved to 121.6 from 118.2 and future conditions gained to 124 from 120.9.

"Solid readings for consumer confidence, in combination with the same for business sentiment, are signalling an economy with good momentum," ANZ chief economist Cameron Bagrie said in his report.

The readings of the combined surveys indicate potential for growth of about 4 percent by the end of the year, which would be the economy's best performance since 2007.

"This looks to be pie in the sky stuff, but there is no questioning the spirit: we have an economy that's expanding at a decent clip," he said.

The survey comes after retail sales data yesterday showed increased consumer spending in the second three months of the year, led by a record gain in spending in the hospitality sector.

Of the 1,062 respondents, a net 41 percent consider now a good time to buy a big ticket item, up from 39 percent in July. A net 2 percent said they were better now than a year ago, compared to a net 3 percent saying they were worse off, and a net 32 percent expect to be better off in a year's time, up from a net 28 percent.

A net 16 percent of respondents predict better economic conditions in the coming year, form a net 14 percent in July, and a net 24 percent see good times ahead in the coming five years, up from a net 21 percent last month.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar eases as market eyes pending GDP data
Evolve shareholders demand answers
Strong tourism, low rates keep lid on NZ current account deficit
Refining NZ margins jump to 18-month high
Goodman opts for underwritten $150m placement to raise capital
Kathmandu shares rise 9.3% on strong FY result, solid US performance
FMA seeks greater powers from the government
Goodman opts for underwritten $150m placement to raise capital
NZ dollar opens higher as dairy prices lift, oil eases
Napster's Sean Parker yet to seek OIO approval for Weta Digital stake

IRG See IRG research reports